New bill could turn abandoned buildings into bustling businesses

Senate bill 234 offers state income tax credits

Run-down, abandoned buildings across South Carolina could soon turn into bustling businesses.

A bill known as the "Abandoned Buildings Revitalization Act," which offers state income tax credits, is up for consideration in the state Senate.

It’s estimated that 500,000 square feet of abandoned building space exists currently across South Carolina. Senate bill 234 would give state income tax credits to businesses renovating buildings that have been vacated for at least five years.

To get the help from the state, the business owner or taxpayer would have to spend between $75,000 and $250,000 in revitalizing the property, depending on the size of the community, according to the legislation.

John Martin owns of The Fox Restaurant and Pub in downtown Anderson. He said if this assistance makes its way to the area, he thinks it will boost the local economy.

“It'll be very much in the interest of all parties concerned-- business owners, patrons everybody. It’s a win-win scenario-- more tax revenue for the city. It's a self-fulfilling prophecy,” Martin said.

State economic advisers said this bill would decrease state revenue by $1 million next fiscal year. They also say it would then reduce revenue by $3.8 million every year the next four years.

A similar bill was approved several years ago. That bill was aimed toward renovating old textile mills.

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